GluBio Completes Series A Financing of Nearly US$50 Million With Legend Capital Re-upped
Recently, GluBio Pharmaceutical Co., Ltd (hereinafter referred to as "GluBio") announced its completion of nearly US$50 million Series A financing. As the existing shareholder, Legend Capital continued to support GluBio's innovation and development by joining this round of financing. The fund will be used for tapping pipeline candidates, platform upgradation, and talent acquisition. Previously, GluBio has raised US$20 million in angel round financing, bringing the total capital raised to nearly US$70 million.
Founded in March 2021, GluBio is a startup company focused on the discovery and development of new-generation molecular glue degraders targeting disease-driving proteins that were previously considered "undruggable". At present, GluBio has established a multi-dimensional protein degradation screening platform, innovative target validation platform, molecular glue rational design platform, and proprietary high-activity molecular library.
"GluBio is committed to developing first-in-class novel molecular glue drugs to meet the clinical needs and promote medical innovation. We firmly believe that protein degradation technology has the potential to bring revolutionary drugs to patients around the world, and it is expected to lead the R&D direction of small molecule drugs in the next two decades. We are honored to be favored and supported by many well-known investment institutions and investors, and look forward to working with the team to build an industry-leading protein degradation drug discovery platform. We shall accelerate the introduction of a variety of molecular glue drugs to meet the clinical demand, benefiting more patients." Gang Lu, Ph.D., the Founder and CEO of GluBio, said.
Legend Capital has been firmly and systematically investing in the field of innovative drugs. Adhering to the investment philosophy of "Global vision, Chinese insight", Legend Capital is looking for teams with strong technical strength and international competitiveness to solve unmet clinical needs. Kawin Technology (688687.SH), Innovent Biologics (01801.HK) and Harbour BioMed (02142.HK) invested by Legend Capital have gone public, and there are more portfolio companies positioned as leading enterprises in sub-sectors, such as, GluBio, RecBio, Suzhou Ribo, Peg Bio, Exegenesis Bio, Lynk Pharmaceutical, Innostellar Biotherapeutics, etc.